Card spending up in Q3 amid fast vaccination

Card spending in South Korea grew in the third quarter from a year earlier as consumer sentiment improved amid expanded vaccination and relaxed social distancing rules, industry data showed Friday.

Card spending came to about 248 trillion won ($212.2 billion) in the July-September period, up 8.6 percent from the same quarter a year earlier, according to the data compiled by the Credit Finance Association.

The growth was attributed to improving consumer sentiment bolstered by accelerated vaccination against COVID-19 and an economic recovery.

Card spending in the wholesale and retail sectors jumped 12.2 percent over the same period, while card spending in transportation and education grew 5.1 percent and 18.5 percent, respectively.

Spending on accommodations and dining-out, however, contracted 7 percent as people remained wary of the coronavirus, the data showed. (Yonhap)